Business
Tenon Medical, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
~ Company Concludes First Year as Public Company, Surgical Procedures Increase 386% for the Quarter and 361% for the Full Year ~~ Fourth Quarter 2022 Revenue
About this update from Tenon Medical, Inc.
[{"type":"text","content":"~ Company Concludes First Year as Public Company, Surgical Procedures Increase 386% for the Quarter and 361% for the Full Year ~~ Fourth Quarter 2022 Revenue Increased 423% Year-Over-Year ~~ Full Year 2022 Revenue Increased 332% Year-Over-Year ~LOS GATOS, CA / ACCESSWIRE / March 9, 2023 / Tenon Medical, Inc. (NASDAQ:TNON) (\"Tenon Medical\" or the \"Company\"), a company that has transformative care for patients suffering with certain sacroiliac disorders, today reported financial results for the fourth quarter and full year ended December 31, 2022.Fourth Quarter & Full Year 2022 HighlightsRevenue of $277,000 in the fourth quarter of 2022, a 423% increase over the prior year quarter, and up 33% on a sequential basis compared to the third quarter 2022Revenue of $691,000 in 2022, a 332% increase from the full year 2021During the year 1 US patent and 1 foreign patent were issued and the company submitted 13 US patent applications, significantly expanding our SI joint fixation intellectual property portfolio78 physicians have completed a Catamaran workshop as of December 31, 2022National launch of the Catamaran™ SI Joint Fusion System (\"Catamaran\") at the North American Spine Society (NASS) meeting (Chicago, IL), October 12-15, 2022, with a technical exhibit, interactive surgeon training sessions, and outcomes from a single center experience with Catamaran presented at an Innovative Technology SessionSuccessful treatment of first patient in the strategic post market clinical study with Catamaran™ SI Joint Fusion System at Zion Surgery CenterModified our National Distribution arrangement allowing accelerated commercial scale with development of Tenon Medical commercial infrastructure and sales management to support top line growthCMS final rule effective January 1, 2023 for code 27279 increases 2023 Medicare facility fee by approximately 26% for SI joint fusion procedures performed in ASCs and 33% for these procedures done in hospital outpatient settingsClosed $16 Million Initial Public Offering (\"IPO\") on April 29, 2022 and commenced trading on the Nasdaq Capital Markets\"2022 was a transformative year for Tenon, with multiple milestones along our commercialization path for both our Company and the Catamaran System,\" said Steve Foster, CEO and President of Tenon Medical. \"We began the year with our $16 million IPO in April, pr...